Avis Budget Sales Forecast Shy Of Expectations

Shares of Avis Budget Group Inc. fell in after-hours trade Wednesday after the car rental company reported both fourth-quarter revenue and provided a fiscal 2015 revenue forecast that fell narrowly shy of Wall Street expectations. The company reported net income of $23 million, or 21 cents a share. Excluding one-time items, Avis Budget said it earned 23 cents a share, topping average analyst estimates of 20 cents. However, revenue grew 2% to $1.89 billion, missing the $1.94 billion FactSet estimate, as a drop in international sales partially offset strong growth in North America. For fiscal 2015, the company projected revenue of $8.8 billion, just below the $8.9 billion consensus. Its shares fell 1.8% in after-hours trade.